Time to Say Ciao to Francesca's?

Shares of the apparel retailer are down, but wait for a better entry point.

Investors are treating a secondary offering from clothing and accessories firm Francesca's Holdings as a fashion faux pas.

Late Tuesday, Francesca's (ticker: FRAN) announced a 7.4 million share offering, roughly one-sixth of its current 43.9 million shares outstanding. Sellers will include certain members of the retailer's management and...